TEST BANK Financial Accounting, 11th Edition by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13 with Correct Answers

TEST BANK
Financial Accounting, 11th Edition
by Robert Libby, Patricia Libby, Frank Hodge, All Chapters 1-13

, TABLE OF CONTENTS
CHAPTER 1: Financial Statements and Business Decisions
Focus Company: Le-Nature’s Inc.
CHAPTER 2: Investing and Financing Decisions and the Accounting System
Focus Company: Chipotle Mexican Grill
CHAPTER 3: Operating Decisions and the Accounting System
Focus Company: Chipotle Mexican Grill
CHAPTER 4: Adjustments, Financial Statements, and the Closing Process
Focus Company: Chipotle Mexican Grill
CHAPTER 5: Communicating and Analyzing Accounting Information
Focus Company: Apple Inc.
CHAPTER 6: Reporting and Interpreting Sales Revenue, Receivables, and Cash
Focus Company: Skechers U.S.A.
CHAPTER 7: Reporting and Interpreting Cost of Goods Sold and Inventory
Focus Company: Harley-Davidson, Inc.
CHAPTER 8: Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and Natural
Resources
Focus Company: FedEx Corporation
CHAPTER 9: Reporting and Interpreting Liabilities
Focus Company: Starbucks
CHAPTER 10: Reporting and Interpreting Bond Securities
Focus Company: Amazon
CHAPTER 11: Reporting and Interpreting Stockholders’ Equity
Focus Company: Microsoft
CHAPTER 12: Statement of Cash Flows
Focus Company: National Beverage Corporation
CHAPTER 13: Analyzing Financial Statements
Focus Company: The Home Depot

, CHAPTER 1: Financial Statements and Business Decisions
Focus Company: Le-Nature’s Inc.

Answers are at the end of each Chapter

Chapter 1

Student name:
1) Determine the missing amounts for each independent case below. Assume the
amounts shown are at the end of the company's first year of operation.
Company Total Total Total Total Liabilitie Net Income Stockholders '
Name Revenue Assets Expenses s (Loss) Equity

Randolph $ $ $ $
600,00 450,00 350,00 130,000
0 0 0
Newman $ $ $ $ 75,000
105,00 80,000 10,000
0
Wiseman $ $ $(30,000 $ 100,000
190,00 70,000 )
0
Martin $ $ $ $
180,00 215,00 115,00 75,000
0 0 0
VanTasse $ $ $ $ 79,000
l 55,000 75,000 19,000

, Question Details
AACSB : Knowledge iApplication
iAICPA i: iBB iCritical iThinking
iAICPA i: iFN iMeasurement
iBloom's i: iApply
Difficulty i: i2 iMedium
Learning iObjective i: i01-01 iRecognize ithe iinformation iconveyed iin ieach iof ithe ifour ibasic ifinancial
ista iTopic i: iDistinguish idifferent ifinancial istatements
Type i: iStatic
Accessibility i: iKeyboard iNavigation
iAccessibility i: iScreen iReader iCompatible
iGradable i: imanual




2) Frank’s iFlower iCompany, ia ismall iretail istore ithat isells iflowers, istarted ibusiness
ion iJanuary i1, i2022. iAt ithe iend iof iJanuary i2022, ithe ifollowing iinformation iwas
iavailable:

Sales iof iflowers ifor icash $ i150,000
Sales iof iflowers ifor icredit i(not iyet icollected) 30,000
Cost iof iflowers iwhich iwere isold iand ipaid ifor iduring iJanuary 90,000
Expenses iduring iJanuary iincurred, iand ipaid ifor, iduring iJanuary iunless iotherwise inoted:
Salaries $ i10,000
Telephone 500
Office isupplies i(all iused) 300
Electricity 600
Rent ion ithe istore ifor iJanuary, i2022 i(will inot ibe ipaid iuntil 2,000
February, i2022)
Required:A.Using ithe iabove iinformation, iprepare ithe iincome istatement ifor iFrank’s iFlower
iCompany ifor ithe imonth iended iJanuary i31, i2022.

B.What iis ithe iamount iof icash iflows iprovided iby ioperating iactivities ito ibe ipresented ion ithe
istatement iof icash iflows?